The team behind the Elrond network and Maiar DEX finally found the bug behind the recent exploit that the network suffered, and reportedly resolved the situation after analyzing it.
Two days back Maiar DEX deployed on Elrond network faced an exploit leading to a 7% price drop in Elrond’s native token. The hackers obtained nearly 1.65M EGLD tokens worth $113M for free, and sold them through Maiar DEX.
Founder and CEO of Elrond, Beniamin Mincu, who has been updating the community since the exploit happened, later revealed via a Twitter thread the entire process on how they fixed the exploit.
Mincu and his team consisting of 3-5 key members of the network did a deep analysis on the bug that caused the exploit and the implications of it.
The team then proposed two mainnet upgrades which were adopted by the Elrond validator community. These upgrades apparently improved the security of the network and solved the bug.
Mincu confirmed that all the user funds are safe and will be available in full after the restart of Maiar DEX.
The exploited funds from the DEX have already been recovered in the following address:
erd1pml9k2tsqsnvtmmalglt2su0sn3cguvr8e8jq0gy69zw2ldcej2qapml9a.
The Elrond Foundation is going to cover any leftover funds lost as a result of the Maiar DEX exploit.
The API send function is already activated enabling sending tokens across the Elrond web wallet and Maiar app.
The Maiar DEX frontend is already up and running, with all user balances visible. Users can however access their accounts and check balances for now.
Due to security requirements, the entire DEX swaps, staking, and farming will only be authorized later.
All pending bridge transfers have been completed, and right now there are no pending transactions in the queue. The full bridge functionality will be enabled tomorrow.
To re-enable EGLD deposits and withdrawals, the team is currently in discussion with Binance and a few other crypto exchanges which are said to be available in the next few hours.
Tomorrow, at 9:00 AM UTC, the Maiar DEX will be completely functional. Final preparations and tests are being carried out to ensure optimal resilience and safety during and after the restart.
Mincu completed the thread by tweeting “We can’t stop. We won’t stop. This is the Elrond spirit. As long as we breathe and live another day, we will push forward.”
Currently, at time of writing the EGLD token is trading at $67.43, and the MEX token is trading at $0.00003305.
